JPMorgan is building a new headquarters in New York City

JPMorgan Chase will start building a new headquarters next year that will house 15,000 employees.

It will replace the current headquarters at 270 Park Avenue, which was built in the 1950s and designed for about 3,500 employees.

Next year, JPMorgan Chase will start building a larger, more modern headquarters in New York City that will house 15,000 employees.

The bank and the City of New York on Wednesday announced the plans for the 2.5 million-square-foot building, which will sit at the same address as the current headquarters at 270 Park Avenue, a skyscraper developed in the 1950s for about 3,500 people.

"With a new headquarters at 270 Park Avenue, we are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for the 21st century," CEO Jamie Dimon said in a statement.

Construction is expected to begin in 2019 and last for five years. During the development, employees will be relocated throughout other JPMorgan locations in the city.